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FAQ

This page has been created to help our clients and anyone looking to buy a property in Calabria. Should you have a question not mentioned here, please feel free to get in touch and ask.

Q: Why should I consider buying in Calabria?
A: Calabria is an emerging market with still relatively low prices for property in areas of outstanding beauty with fantastic sea views, proximity to the coast and picturesque towns. New low-cost airline connections from many European countries make the region increasingly reachable and may increase prices over time making for a safe investment.

Q: Why should I buy through InCalabria?
A: InCalabria is the market leader for newly built property in the popular area around Tropea and specialise in a high level of customer service tailored to the international property buyer. Since 2004 we have satisfied clients from the UK, Ireland, US, Russia, Ukraine, Netherlands, Denmark, Norway, Sweden, Belgium, Canada, South Africa, Singapore and Dubai.

Q: Why should I consider buying newly built property?
A: Being an emerging market, Calabria has not yet built up a large availability of good quality property. Restoration projects are certainly very interesting but expensive and hard to manage from a distance, not to mention that ownership can be complicated and title searches very time consuming. All newly built property comes with a 10 year warranty, energy saving certificate, conformity certificate and deposits are bank guaranteed by Italian law. Apartments and villas in a condominium offer the additional piece of mind that the complex is looked after and maintained year round making ownership of a second home very easy. For property not in a condominium optional property management is also available for the area around Tropea.

Q: What is the buying process?
A: After having decided on a property that suits your requirements a fee needs to be paid to reserve it and remove it from the market. After that the preliminary contract gets drafted and agreed upon by the parties, a substantial downpayment is made (20%-50%), and after the completed property has been inspected a notary date is fixed for completion.

  1. Signing of reservation and payment (€3000 - €5000) of reservation fee to InCalabria
  2. Preliminary contract (14-60 days later) and first substantial (20%-50%) downpayment to vendor
  3. Optionally intermediate payments as agreed as the construction progresses
  4. Notary act with full settlement and payment of taxes

Q: What information is required from the buyer for the notary act?
A: It is very important that the notary knows the details of the buyers well ahead of the notary act to ensure the closing can go ahead smoothly. Inform the notary of:

  1. Presence at notary or will you set up a power of attorney (POA)
  2. Nationality, country of residence and marital status of the buyers
  3. If a mortgage has been applied for (in which case a bilingual POA is normally required)
  4. If you are relocating to Italy or are an Italian living abroad (to apply for 4% tax rate)
  5. Copy of each payment made, to be quoted in notary act

Q: What are the costs on top of the purchase price?
A: There are a number of fees payable, the list here refers to compulsory ones:
10% IVA over the declared price in most cases when buying from a developer OR 10% taxes over the cadastral value (typically a third of commercial value) totalling less than 5%. If the buyer becomes a resident or is an Italian living abroad the IVA rate is 4%
Notary fee, typically between €1500 and €3000 depending on property price
Translator and witnesses €300-€350

Q: What are the costs for connecting water and electricity and will a property be supplied with more than 3Kw of power as standard?

A: Electricity costs just under €300 to have the meter installed. Once you have the meter and an active contract the wattage can be increased to up to 8 megawatt for residential use. The change costs another few hundred euros and can be ordered online after registering (on an English page!) at the Enel website here.

Water connection seems to change from council to council but is also in the region of €200 one off charge.

Q: Should I engage the services of a lawyer?
A: In Italy the title searches are done by a public notary who is an independent professional. As such Italians do not normally engage a lawyer to represent them. However, if you are unsure wether your bests interests are served, are buying off-plan or find the buying process complicated then an independent Italian lawyer that speaks your language may be a worthwhile investment. Expect to pay from 1% for a basic package of legal services.
 

Do you have question not answered here?

Contact us , we'll be more than happy to assist you and include question and answer here to help others.

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